The Panic of 1907 Came to an End When

question 38

Multiple Choice

The Panic of 1907 came to an end when:

• A)J. P. Morgan, John D. Rockefeller, and the Secretary of the Treasury increased bank reserves.
• B)the Social Security Act was passed.
• C)the Federal Reserve was established.
• D)Franklin Delano Roosevelt declared a bank holiday.

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Definitions:

Chapter 13

A section of the United States Bankruptcy Code that allows individuals earning regular income to develop a plan to repay all or part of their debts.

Liquidated

Pertains to the conversion of assets into cash or the settlement of debts through the sale of assets.

U.S. District Courts

Federal courts in the United States that have jurisdiction over civil actions and criminal cases arising under the Constitution, laws, and treaties of the U.S.

Exclusive Jurisdiction

A legal term that means only a specific court has the power to adjudicate a certain type of case, preventing other courts from hearing the same case.